Copper Mesa Mining Corporation applies to enforce Award of US$25.1 million against Ecuador
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 3, 2017) - Copper Mesa Mining Corp. ("Copper Mesa" or the "Company") (TSX:CUX) provides the following corporate update to its stakeholders.
As previously disclosed, on March 15, 2016, an Arbitral Tribunal of the Permanent Court of Arbitration in The Hague, Netherlands released its Award in relation to Copper Mesa's claims against the Republic of Ecuador ("Ecuador"). The Tribunal awarded the Company damages of US$19,447,498, plus pre- and post-award interest, due to Ecuador's unlawful expropriation of Copper Mesa's investments in the Junin and Chaucha mining projects.
As the Award remains unpaid, Copper Mesa filed a petition today before the United States District Court for the District of Columbia to obtain confirmation, recognition and enforcement of the Award and to enter judgment against Ecuador in the amount of the Award with interest. In excess of US$25.1 million is owing on the Award at this time.
Copper Mesa also reports that, on February 22, 2017, the Company filed a Statement of Defence with the District Court of The Hague, Netherlands in response to a Writ of Summons issued in that Court by Ecuador on June 16, 2016 seeking to set aside the Award. The Company expects that the District Court in The Hague will rule on Ecuador's application before the end of the year.
In the event of final satisfaction of the Award, Copper Mesa intends to explore options for an orderly resolution of its affairs. Trading in the Company's securities has been cease traded since 2010 as the Company has been unable to meet its continuous disclosure obligations under securities laws.
About Copper Mesa
Copper Mesa is a mineral exploration and development company. Since 2011, the Company's business has been limited to pursuit of its international claim against Ecuador.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain statements included in this press release, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, financial and political uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Investors are cautioned that forward- looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available under the Company's profile on SEDAR at www.sedar.com. Forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.